Social Security

How Will Social Security Benefits and Taxes Change Next Year?

The Social Security Administration recently made some important announcements that workers and retirees should note, including a Social Security benefit increase – and a tax increase. While it’s very unlikely that the program will ever disappear, we could see changes in the coming years due to the program's financial state. The Social Security trust fund [...]

2020-10-26T12:48:20+00:00October 26th, 2020|Financial Planning, Social Security, Taxes|

How Could the Outcome of the Election Affect Social Security?

Regardless of who wins the election, Social Security will surely remain a hot button issue. The program currently pays out more than it takes in, and this trend is likely to continue. The Social Security trust fund was projected to run out in 2035, at which point about 79% of benefits would be payable.[1] However, [...]

2020-09-28T01:37:59+00:00September 28th, 2020|Social Security|

When It Comes to Social Security, Focus On What You Can Control

Even if you don’t plan to rely primarily on Social Security for income in retirement, it’s still an important part of your retirement plan. Despite its importance, only 4% of retirees claim Social Security benefits at the optimal time, losing out on an average of $111,000 per household, according to a recent study.[1] You might [...]

2020-08-10T15:03:03+00:00August 10th, 2020|Social Security|

What You Need to Know About Social Security Changes in 2020

10,000 Baby Boomers are turning 65 every day[1], and Social Security will soon start to pay out more than it takes in.[2] While it’s unlikely that the government will ever get rid of the program, there will likely be some changes in the coming years. It’s important to understand the system and to work closely with [...]

2020-04-24T15:29:54+00:00February 21st, 2020|Social Security|